Forecasting Methods

Start with the maps

The Forecasting Methods page brings together user-made resources on ways to predict future activity. Start with Time Series & Projection for a look at moving averages. Its branches describe a weighted average of consecutive points in a series, note an application in inventory control, and mention that the method performs poorly when forecasting certain data.

Another forecasting methods mind map introduces quantitative approaches, including moving averages, exponential smoothing and linear regression. Use it to see the range of methods named on this page, then return to the time series map for a closer look at moving averages.

Build your vocabulary

The Quantitative Methods flashcards include a definition of a statistical function and describe forecasting as predicting future events. Forecasting Module Vocabulary is another flashcard deck to explore when you want to focus on terms. You can also follow the mind map on forecasting calculations, which distinguishes intrinsic and extrinsic forecasting and refers to using historical data.

Pair a quiz with a map

A quiz on the page includes an exponential smoothing question based on a previous forecast, demand and a smoothing factor. After studying the methods map, use that question to practice applying the method. Then return to the map and check how exponential smoothing fits among the quantitative approaches it names. The page has a few quizzes, so you can explore the available questions as well.

Place forecasting in the unit

Forecasting Methods is a section of the Forecasting and Production Planning and Control unit in Industrial engineering and quality. The Forecasts flowchart mentions planning horizons, short-term forecasts and inventory control. A separate mind map introduces demand forecasting and the master production plan. Together, these resources give you ways to explore forecasting within the unit. Choose a map or flashcard deck to begin.